What Should Your Commission Split Be With Agents on Your Team?
I was able to get a higher commission split because I provided more value than a lot of other team leads out there. I was a prospecting king and brought in a lot of business.
When you’re providing buyer and seller leads for your listing coordinator our your buyer’s agent, you can take a higher percentage of commission.
But honestly, there’s no clear answer. There are certain sources that say you have to charge a 70/30 split. Others say you have to take 50 percent. To me, it’s all about value. As in, what are you providing for your team?
If you aren’t seeing results from you team members, take a look at what you are providing. Know your value.
Let’s say you are really good at prospecting. If that’s the case, then there are two things you have to do if you want to take a higher split AND have happy, productive team members.
- Provide training opportunities
- Provide tons of leads
Look for buyers agents that are less interested in prospecting. Although you should require them to do some prospecting, that shouldn’t be their primary focus. That’s YOUR primary focus. You should be going to networking events and meeting people. It’s your job to bring in as many referrals and leads for your team members.
Whenever someone mentions they interested in buying or selling, let them know that you have the best listing coordinator and the most amazing buyer’s agent. Talk up your team and let the client know that your team is going to take very good care of them.
I don’t mean to give you a roundabout answer but it’s really about what you can provide. Provided great mentorship. Hire a capable assistant who can provide support for your team. You should also consider hiring or contracting with a designer who can help with marketing. If you’re generating leads then all your agents have to do is show properties, list properties and negotiate (which you can help them with).
Provided value and you’ll be able to charge a higher split.
Remember, each broker model is different so you have to consider what fits with your brokerage and then you have to consider how you provide value.
Get people who want to be on your team because have the best tools and resources. Talented people want to be on talented teams.
Other posts in this series:
Comments